Riyadh – Mubasher: Saudi-based ACWA Power is planning to launch an initial public offering (IPO) in the fourth quarter of 2018, Mohammed Abu Nayan, the company’s chairman, said.

These plans still require the approval of the concerned regulatory authorities, Abu Nayan told Al Arabiya.

It is noteworthy that the Saudi utility developer postponed plans for its IPO, originally expected in 2018.

In March 2018, JP Morgan and Citi Group were selected to manage ACWA Power’s IPO which is expected to reach $1 billion.

ACQA Power aims to sell a 30% stake in the IPO on the Saudi Stock Exchange (Tadawul).